The Federal Tax Credits Blog

Archive for May, 2009

Question: when is the sale of a house considered complete, as it pertains to the first time home Buyers Tax Credit?

We signed a purchase agreement earlier this month, but now there is talk of expanding the credit to 15000. So will we qualify for the new amount? Our new home is under construction, with a projected completion date of September 09.

Answer: it is considered complete when you have the closing with the realtor and escrow officer.

DOR approves tax rate for Weymouth base

Hopes for jumpstarting the redevelopment of the former South Weymouth Naval Air Station got a boost from the state Department of Revenue (DOR) when it approved a property tax rate proposed by the state agency that manages the site. “It is an important milestone,” said William Ryan, spokesman for LNR Property Corp., which is responsible for converting the base into a residential-commercial …

Tax Credit Extension

Question: How can I resolve negative items on my credit report that are a result of identity theft?

I used to live in state A, and someone in state B (a state I’ve never even visited) used my SSN to establish a telephone account then proceeded to run up a $1000 debt. It went unpaid and was sent of to at least 4 different collections agencies. Each credit reporting bureau is reporting some combination of this collections debt, but they all differ. I have filed an ID Theft affidavit, but am unable to file a police report in state A because the crime occurred in state B. I am unable to file a report in state B because police reports must be filed in person. I have included federal and state A tax forms from the time the ID theft occurred as proof that I was not living in state B at the time. I have disputed all occurrunces of the debt at all 3 credit agencies, some have removed one or more instances of the collections items, some have not. They have not all removed the same items. Is there any way to get all 3 bureaus to be consistent in their removal of items?

Answer: make the collections validate the debt

www.creditinfocenter.com

if they refuse, then take them to small claims court
and sue them back.

Carbon Taxes Run into Hot H2O

Not only is the U.S. Senate leery of passing a carbon tax, but apparently the idea is also running aground in both France and the state of Minnesota.

Realtors, help extend and expand the Homebuyer Tax Credit

Question: How does CRA know I didn’t take all the materials I claimed under the Home Renovation Tax Credit?

I recently re-shingled my roof and bought all the materials at Home Depot. I ended up taking back about $500 worth of material that wasn’t needed. How will CRA know that I didn’t actually use all the materials if I still have the original receipt? Couldn’t I just buy $15000 worth of material then return it and then claim for the tax credit?
I know its illegal, but that wasn’t the question.

Answer: You _could_ do a lot of things that are illegal and could get you to prison for tax fraud. Will you?

Options for ownership

2010-07-15

Swansea Illinois Home For Sale – 244 Brackett Street 62226

PEP was introduces and popularized by the Margaret Thatcher government to encourage equity ownership among larger section of the country’s population. The Conservative government allowed PEPs to contain collective investments. This was way back in 1986. In 1992, a Single Company PEP was also introduced meant to encourage holding of single company shares.

Both the general PEP that would contain investments like Unit Trusts and Single Company PEP were granted tax privileges to increase public involvement. The growth was exempted from capital gain tax whether the gain happened within the fund or during the final encashment. Other than this both the types f PEPs has some other differences in their inherent structure. The annual allowance for the general PEP was £6,000 and the same for single company PEP was £3,000.

General PEP could only invest in qualifying investments. Although it was limited by investments that held half of its money in UK based assets, later on the same was extended to European Union. This restriction was also eliminated in 2001.

By mid 1999, the tax privileges enjoyed by PEP investors had started to decline. The Advanced Corporation Tax relief was halved to start with, eliminating all reliefs on dividends by 2004. The PEP structure went through a complete overhaul in the coming years. The new Labor government introduced Individual Saving Accounts in 1999. This prevented any new contribution into the PEPs. Though the existing funds were allowed to retain their promised tax privileges, PEPs had lost it luster.   By April 6, 2008 PEP accounts have virtually ceased to exist and were automatically converted to stocks and shares ISAs.

Regulators outline potential pitfalls of reverse mortgages

If you, your relatives or your friends are contemplating applying for a reverse mortgage in 2010, check out the new guidelines proposed in December by federal regulators. Though aimed at banks and credit unions, the guidelines neatly sum up the potential pitfalls for consumers in the fast-growing…

Personal Financial Advice : Is a Home Equity Line of Credit Tax Deductible?

Question: Is your child tax credit (working)affected if you apply to the CSA for maintainence? from an absent father?

My partner works fulltime andi want to know wether it would be in my childrens interest if i applied to the CSA for child maintainence from their father? would it affect our tax credit entitlement?

Answer: No. Tax Credits totally disregards maintenance payments made by the non resident payment i.e. it is not counted as income.

Any other means tested benefit like Income Support, Housing benefit or council tax benefit will count it as money, but Tax Credits does not

Scrol down until you see the Tax Credit bit and read this http://www.direct.gov.uk/en/MoneyTaxAndBenefits/BenefitsTaxCreditsAndOtherSupport/Expectingorbringingupchildren/DG_10018808

- The answer about the financial benefit to you is wrong as you are working and getting WTC, therefore it is disregared for you. If you were on a state welfare benefit like IS, you wouldn’t see much benefit.

-The answer about all money coming into the house is ill informed nonsense

Lorain City Jail could remain open indefinitely

LORAIN — More than a month after the Lorain City Jail was set to close, city officials are confident they will be able to keep it open indefinitely, saving the jobs of three corrections officers who would have been laid off.

Tax Tip 10: Working Tax Credits – you may qualify